Ripple Regains Bullish Momentum As Buyers Challenge $0.55 High

Sep 30, 2022 at 12:24 // Price
Coin Idol
The price of Ripple (XRP) is trading in the uptrend zone as the altcoin has risen strongly to the high of $0.50.

The price of Ripple (XRP) is trading in the uptrend zone as the altcoin has risen strongly to the high of $0.50.

Long-term forecast for Ripple (XRP) price: bullish

Since September 28, buyers have defended the support at $0.41, which is the breakout level. The cryptocurrency could have fallen into the downtrend area if the bears had fallen below the $0.41 support. 

Nonetheless, XRP rose back above the current support on September 29 and reached the high of $0.50. If the buyers overcome the resistance at $0.55, XRP will continue to rise to the high of $0.65. However, if buyers fail to break through the resistance at $0.55, the cryptocurrency will fall to the breakout level at $0.41. A break below the $0.41 support will signal a resumption of selling pressure. XRP/USD will fall to the price level of $0.38 or $0.32.

Ripple (XRP) Indicator Analysis

XRP is at level 66 of the Relative Strength Index for period 14, indicating that XRP is in the bullish trend zone as buyers are approaching resistance at $0.55. The price bars are well above the moving average lines as the market continues its rise. The altcoin is above the 60% area of the daily stochastic. This indicates that the market is in a bullish momentum.

XRPUSD (Daily Chart) - September 30, 2022.jpg

Technical Indicators

Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20

What is the next step for Ripple (XRP)?

Ripple has resumed its uptrend after the price hit the previous highs. Buyers are trying to break through the resistance at $0.55. Meanwhile, the uptrend from September 23 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that XRP will rise to the Fibonacci extension level of 1.618 or the high of $0.39.

XRPUSD (Daily Chart 2) - September 30, 2022.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

Show comments(0 comments)